This video, which was shared on the Slender: Source Steam Greenlight page, gives a first look at the Slenderman in the game, as well as a hint of the effects that will happen when he closes in.

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Before you jump into the comments to say "Yawn, that isn't that scary," remember that it's very early footage, and not really indicative of how the game will work (context is everything in games like this). And also remember: Slendy looked goofy as hell in the first Slenderman game and that game was still darned terrifying.